Primeline Energy Holdings, Inc
Primeline Energy Holdings Inc. is an independent oil and gas exploration and production company focusing exclusively on upstream opportunities in China.
Primeline has an existing discovery, Lishui 36-1, within Block 25/34. Primeline and CNOOC are in the process of preparing an overall development plan for the development of the Lishui 36-1 gas discovery following conclusion of a gas sale agreement with the target market in Zhejiang Province.
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Primeline and CNOOC finalise Lishui gas discovery plan for approval
Primeline Energy Holdings Inc (TSX: PEH) and China National Offshore Oil Corporation (HK:0883) have completed the technical work for the overall development plan (ODP) for the Lishui 36-1 gas discovery and are now finalising the plan for submission for governmental approval.
Primeline announced in February 2009 it contracted CNOOC Research Beijing to compile the plan. The technical work, supported by recently completed surveys and additional study results, has now been completed.
At the final technical review, the ODP was approved and accepted by CNOOC and Primeline and it was agreed that both parties will now proceed to seek internal approval from the CNOOC Investment Committee and Primeline's board before submission of the ODP for central government approval, Primeline said in today's statement.
The partners are preparing the supporting documents including a full environmental impact study report, safety assessment report and various documents from local government departments in Zhejiang Province and Wenzhou City.
The environmental and safety report are planned to be submitted to the relevant authorities by the end of October 2009. The timing for submission of the ODP will be subject to the approval by such authorities of the environmental impact study and safety assessment.
Primeline is an exploration and development company focusing on China resources to become a major supplier of gas and oil to the East China market. Primeline has a 75 percent contractor's interest in the Petroleum Contract with CNOOC for Block 25/34, an offshore exploration area of 7,006 square kilometres in the East China Sea, where the Lishui 36-1 discovery is located.
